Street Markets Toolkit: Evidencing and Capturing Social Value
This toolkit provides market operators with common guidance and principles to help them identify, collect and analyse data regarding their market's performance.
This toolkit has been produced to help market operators demonstrate the current and potential impact of their market though collecting data and evidence that best reflects the economic and social value it generates.
The primary rational for collecting data about your market is to:
- build a clear and accurate record of the performance of your market
- help communicate the impact
- build a case for investment including making compelling funding applications
The toolkit is split into two sections.
Part A summarises the strategic case for markets, unpacks the idea of social value, and sets out its role in making the case for markets. Being able to capture and maximise the social value, in addition to the financial impact, of your market can help you unlock further investment and ensure that the way markets change benefits all users.
Part B sets out a three step process to build a robust case for your market. Checklists and appendices provide in-depth information on terminology, planning your strategy, sourcing and recording data, and communicating with a wide range of stakeholders. The three steps to demonstrate the existing and potential impact of your market include:
STEP 1 IDENTIFY, SELECT & PLAN
This step focuses on asking the right questions to establish clarity and to develop the most effective strategy for evidencing the impact of your market. It helps you to take stock of available measures and to plan how you go about collecting and analysing the data to demonstrate the impact of your market.
STEP 2 COLLECT AND ANALYSE YOUR DATA
This step focuses on data collection which is robust, consistent, and replicable within the appropriate timescales, and available resources. It examines the use of quantitative and qualitative data and describes an approach to analysis and evaluation which generates insights and demonstrates the impact of your market.
STEP 3 MAKING THE CASE: COMMUNICATING THE IMPACT OF YOUR MARKET
This section will help communicate the impact and set out the strategic case you are making about your market(s). It is an essential stage and depending on your objectives you will present the results of your data collection in a variety of different ways.
A useful resource to refer to when planning which data to identify and collect is the GLA’s Impact Measures Framework. This framework has been developed to provide a standardised set of over 200 measures to help evidence the impact of your market. These measures have been categorised according to the GLA’s three Good Growth objectives: Growing Prosperity, Empowering People and Make Places Better.
Other useful links to help you understand your market baseline, assess its economic impact and measure its social value are included at the end of the report.